AAA act Consulting

About GRENADA

GRENADA

Important advantages of the Grenada Citizenship through Investment Program are as follows:

Visa-free or visa upon arrival access to 144 destinations, such as China, Hong Kong, Singapore, the UK, and Europe’s Schengen Area

The only Caribbean citizenship through investment program that has visa-free access to China

The only Caribbean citizenship through investment program that has an E-2 Investor Visa Treaty with the USA, which allows citizens to be eligible to apply for a non-immigrant visa

Citizenship can be transferred to new spouses and future generations

Route to Grenadian citizenship

                                 The Grenada Citizenship through Investment Program needs applicants to help the country financially or to receive a qualified governmental approved asset. In return, and depending on a strict vetting and due diligence process, including complete background checks, the applicants and their families will be provided with citizenship. To be eligible for citizenship, the main applicant must be over 18 years old, meet the application requirements, and please one of the two foremost adequate options:

National Transformation Fund donation option: USD 150,000 per single applicants as a minimum non-returnable donation to the NTF (National Transformation Fund)

Real estate option: buying at least USD 220,000 from a government-confirmed real estate project. A further minimum non- returnable contribution of USD 50,000 is required for this option

The possibility to include a spouse, children under 30, unmarried siblings aged 18 and over, parents, and grandparents of the main applicant and spouse

Taxation

                                 As explained in the Grenada Income Tax Act Cap. 149, the individual annual income tax rate is 15% up to XCD 24,000 and 30% on the amount in excess of XCD 24,000. The minimum tax rate for companies is 30%. There is a withholding tax of 15%, which must be withheld on any payments sent to a non-resident for interest (apart from bank savings), salaries, rent, lease premiums, licenses, royalties, management charges, commissions, and fees.

VAT in Grenada is 15%, and property transfer tax for citizens is 5%, can be paid by the seller.

                                 Annual taxes in Grenada; for example, property tax, which is 0.2% of the market value for residential property, and stamp tax on business receipts, which is 0.75% if gross receipts are over XCD 300,000, and 0.5% on any amounts lower than this threshold. The first XCD 36,000 is exempt from annual stamp tax.

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Strategies and time span of the Grenada Citizenship through Investment Program

                                                            The application process for Grenadian citizenship is well-planned and simple, and the applicant is not needed to visit Grenada to finish the process.
Once an application is submitted, the government normally provides an answer within 90 days. Passports for successful applicants will be issued within 10 working days.
 Applicants do not have to receive their passports in person. 
According to the real estate option, the time span may differentiate depending on the project.
 Therefore, it is essential to choose a real estate project that can provide the necessary paperwork from the developer. Henley & Partners will guide you in this issue.